Accounting 1 Chapter 4 Review T/F

A journal shows in one place all the changes in a single account

False - Ledger

A journal page number is written in the Post Ref column of an account to show that the posting of the entry is completed

False - post reference journal

The Cash account is the first asset account and is numbered 100

False- 110

The column Total of the General Debit column is posted

False- is not posted

Account numbers may be assigned by 10's so that new accounts can be added easily

True

The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is called posting

false - File maintenaance

Separate amounts in special amount columns are posted individually

false - not posted individually

The two steps for opening an account are writing the account title and recording the balance

false- account number

The posting reference should always be recorded in the journals Post Ref column before amounts are recorded in the ledger

false- after

Separate amounts in general amount columns are not posted individually

false- are posted individually

The steps for posting are write the date, journal page number, amount, and balance

false- post account number in journal

The only reason for the post reference columns of the general ledger is to indicate which entries in the journal still need to be posted if posting is interrupted

false= cross reference

A check mark in parentheses below a General Debit column total indicates that the total is not posted

true

A group of accounts is called a ledger

true

If a business has only two asset accounts, Cash and Supplies, the two accounts are numbered 110 and 120

true

If the previous account and the current entry posting are both debits the new account balance is a debit

true

Only the column totals for special amount columns in a journal are posted

true

The account number is placed in the Post Ref column as the last step in the posting procedure

true

When addling a new expense account between accounts numbered 510 and 520, the new account is assigned 515

true

With the exception of the total lines, the Post Ref column is completely filled in with either an account number or a check

true